The eligibility requirements for an unsecured business loan in Wellington of between $5K to $100K are quite minimal.
Are you looking for additional funding? Check out the eligibility requirements for our $100K to $500K company loan.
All that is needed for starting is your contact details (company name, your name, email address and telephone), how much you’d like to borrow, and your monthly revenue.
During the process and before settlement we’ll require confirmation of your identity, however, not in order to begin:
After we start, for loans greater than $150,000 you’ll need fundamental financial statements:
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Wellington unsecured loans offers amounts of between $5,000 and $100,000, with terms ranging from 3 and 24 months and cash flow-friendly repayments which can be made daily or weekly.
Apply for your Small Business Loan in under 10 minutes online or on the phone. You’ll receive an immediate response, and the money could be in your account in 24 hours. Traditional company loans reference an annual interest rate plus other fees and charges. This company loan is a cash-based loan therefore you’ll know in advance the total amount payable including any interest, fees or charges. This is then broken down into a daily or weekly amount to be paid back.
It is a Small Business Loan can be used for almost every company reason, such as the management of cash flow, company improvements, advertising for purchasing inventory or new equipment, for general working capital and much more. The loan cannot be used for personal purposes.
The Larger Business Loan is a larger loan size to support company growth opportunities. Loans are between $100,000 and $500,000 with a term fixed that can last up to 36 months. Repayments are weekly or fortnightly in order to accommodate you cashflow.
A Larger Business Loan has an Origination Fee, calculated at 2.5% of the amount of the loan.
In order to be eligible for a loan in this amount, your business needs to be operating for at least three years, and have an annual income of $700K. You must be a New Zealand Citizen (or Permanent Resident) who is over the age of 18 and have a New Zealand business (with a valid NZBN/IRD) and be able to prove at least 12 months of trading.
A large business loan is a great option for almost every company purpose including company renovations, purchase of inventory or new equipment as well as for general working capital, and much more. The loan cannot be used for personal use.
Asset security is necessary for funding of more than $150,000. This can be done by way of charge against assets, which could also include registration in the PPSR or registering as a caveat.
A director’s or personal guarantee is a promise to pay off a credit line that is generally in nature rather than specifying security over an asset. The person signing the guarantee is personally liable if the company creditor is unable to pay back the debt.
The Personal Property Securities Register (PPSR) is an online, central registry run by the New Zealand Government. It reflects security interests that are registered for personal property (including the assets or goods). The PPSR allows prioritisation over property that is personal to be assigned in accordance with the date on which a security interest was registered.
An affidavit is an official document filed to offer an official notice of a claim to a property.
If you’re requesting larger company loans that is greater than $250K we may be able to provide a preliminary pre-approval to help ease the process. It is possible to apply for this without a credit check, and within 6 hours of the initial application. This pre-approval is made based on an initial assessment that includes you answering a few financial health questions. This is not an offer of credit or guarantee of credit. Acceptance without condition is subject to an extensive credit evaluation and any offer that you are offered could be subject to different conditions.
You can apply for an business loan if you;
The process for applying is fast and easy. Just fill out the online application in just a few minutes, and an experienced business lending specialist will be in touch to guide you.
To be eligible for up to $100,000, you’ll require identification details (valid Driver’s License) as well as an active NZBN/IRD, and at least six months worth of bank statements.
For larger loan sizes, you’ll require:
$100K to $250K: Application requirements, including credit consent, 6-12 months of bank statements, IRD statement (if the loan is greater than $150K).
$250K – $500K: Details of the application, including credit consent twelve months bank statement, an IRD statement Last 2 years’ finalised financial statements, and interim financial statements for the current year, Aged Payables and Aged Receivables Summary.
For an unsecured loan ($5K and up) we can often provide an answer within an hour, provided you apply during quality business hours and permit us to utilise the advanced bank verification system to instantly verify your bank’s information online. If you want to upload copies of your banking statement, we’ll provide the decision within just 1 business day.
If you are applying for a Larger Business Loan ($100K or more) we could be likely to provide you with conditional pre-approval within six hours. After you’ve signed the pre-approval, the turnaround time is around 2-3 days for final approval. However, it could be faster based upon the circumstances for each application. Certain offers have been approved within less than 24 hours.
The fastest way would be to ensure you apply during standard company hours. You can also allow us to use the advanced bank verification system to instantly confirm your bank details online. If you opt to upload documents from your account statement, it will take a little longer.
For the Small Business Loan ($5K to $100K) we usually provide a response in one hour, provided you apply at normal business timings and let us use the bank verification system to instantly verify your bank information online. If you decide to send us copies of your bank statements, we will be able to offer the decision in just 1 business day.
For Larger Business Loans ($100K and up) we might be likely to provide you with conditional pre-approval in around 6 hours. Once you’ve signed the pre-approval, the turnaround time is about 2-3 days for final approval, however this can be faster depending on the particular circumstances of each application. Certain deals have been approved in the space of 24 hours.
The most effective method would be to ensure you apply during normal business hours, and allow us to use our modern bank verification link to instantly verify your bank information online. If you opt to send us duplicates of your banking accounts, it will take a little longer.
We provide loans ranging from $5,000 and $500,000. If you apply for a certain amount we consider a variety of factors to determine how much we can lend you health for your company as well as the amount of the repayments your business is able to afford. The total amount of your loan will depend on the specifics for your business.
When you make an application for a certain amount, we take into consideration a variety of variables to determine how much we can lend you such as well-being of your business and the level of repayments your company will be able to support. The amount you receive from the loan will be determined by the particulars of your company.
If you decide to make an application for our company financing, we’ll assess the risk profile the company and provide an individualised offer, including the amount of the loan, the duration and interest rates. The company loan is an upfront-priced loan therefore you will know in advance the total amount payable including any charges, interest rates or fees.
The interest rates on company loans rates depend on a variety of factors including the amount that is borrowed, what business assets the money will be used for as well as the field the company is operating in, how long the company has been operating, how long the company has sufficient cash flow to cover the loan, and also the general well-being as well as creditworthiness company.
There aren’t any hidden costs for our business loans, and you’ll know exactly how much you be required to pay, and at what time, from the first day. There’s no compounding and there are no additional charges (as long as you make your payments punctually).
We don’t charge an Application Fee. You are able to get a cash loan with no cost upfront or obligation to proceed.
The Origination Fee covers the costs associated in establishing and managing the loan. This is only a fee if you choose to proceed with the loan. Our Origination Fee is 2.5 percentage of the amount of loan.
You may choose to pay back all of your advance loan at any time.
If you choose to do this please contact our helpful business lending professionals. They will provide you with details on repayment and an early payment figure. This is calculated as the sum of the principal balance and accrued interest to the time of early payout in addition to 1.5% of the principal amount remaining and any outstanding fees.
To help you avoid missing repayments and to fit in your cash flow cycle we provide payments that are either daily or weekly. These are automatically withdrawn from your business account.
Making sure that your information is secure, and being transparent about how we collect information, use it, and exchange it, as well as secure your information, is vital and is an essential element of our relationship with you.
Yes. We employ industry-recognised encryption standards to secure your sensitive, personal financial information and our funders are ISO 27001 qualified for our commitment to customer security and security. We utilise a sophisticated banking verification system to immediately verify the bank account details online, allowing us to provide quick responses.
Asset-based borrowing occurs when an business owner borrows from assets they own to get the funds for a loan. The asset may be a personal asset like the family home, or an company property like a truck or other piece of machinery.
The vast majority of the lenders including the banks with the biggest size, prefer to secure loans against an asset. If you have trouble paying back the loan, the asset might be sold by the lender. In essence it’s means of securing new financing using the value of what you already own.
For loans up to $150K it is not necessary to secure assets in advance to gain access to the funds However, we do need the personal guarantee. As long as you follow your loan commitments (as stipulated in your loan contract document), asset security will never be required. For loans of over $150K generally, you are able to get personal guarantee and security is provided in the form of a charge over assets.
